Despite Economic Hardship, NRS Chairman Spotted Wearing ₦25.5m Watch As Nigerians Struggle With Higher VAT
As millions of Nigerians struggle with worsening economic conditions and the burden of a 7.5 per cent Value Added Tax (VAT), the Executive Chairman of the Nigerian Revenue Service (NRS), formerly the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has been spotted wearing a luxury wristwatch valued at over ₦25.5 million.
The watch, identified as a Patek Philippe Golden Ellipse from the prestigious Golden Ellipse Collection, is regarded as one of the most exclusive timepieces in the world. The brand is widely associated with immense wealth, elite status and royalty among global billionaires.
Checks on the official Patek Philippe website show that the watch features a sunburst blue dial crafted from an 18-carat gold dial plate, complemented by white gold baton-style hour markers. It is fitted with refined white gold cheveu-style hands, reflecting a minimalist yet opulent design.
Further findings indicate that the wristwatch closely resembles the Patek Philippe Golden Ellipse Ref. 5738P-001, a highly coveted platinum model among luxury watch collectors. The reference is celebrated for its iconic elliptical case, blue gold dial and the ultra-thin Calibre 240 automatic movement.
Often referred to as the “Jumbo” Golden Ellipse, the Ref. 5738P-001 comes in a 34.5mm by 39.5mm platinum case and is paired with a navy blue alligator leather strap secured with a platinum prong buckle. A discreet single diamond positioned at the 6 o’clock mark on the case—an identifying feature of platinum Patek Philippe models—adds to its exclusivity.
Technical specifications reveal that the watch houses an ultra-thin Calibre 240 automatic movement with a 22K gold micro-rotor, a signature of Patek Philippe’s renowned craftsmanship. The timepiece is water-resistant up to 30 metres and is admired for seamlessly blending classic Swiss horological heritage with a modern aesthetic.
The Golden Ellipse collection, first introduced in 1968, was inspired by the Golden Ratio, a mathematical principle symbolising perfect balance and harmony. Its lugless elliptical case, smooth curves and understated elegance have made it one of Patek Philippe’s most iconic designs. The distinctive blue gold dial is created through a rare and technically complex process that infuses 18K gold with a metallic blue hue.
Industry records indicate that the Ref. 5738P-001 was released to mark the 40th anniversary of the Golden Ellipse collection and remains one of the most sought-after pieces worldwide due to its limited production and enduring prestige. A price comparison on luxury fashion retailer FARFETCH shows a smaller Patek Philippe Golden Ellipse 27mm model listed at $18,008.
The sighting of such an expensive luxury item on a senior tax official has sparked public outrage, especially as Nigerians contend with rising inflation, high fuel prices, food insecurity and increased taxation. Critics argue that it is morally troubling for the head of the country’s tax authority—tasked with enforcing VAT collection—to openly display symbols of extreme wealth at a time of widespread hardship.
Many Nigerians have taken to social media to question whether public officials, particularly those overseeing revenue generation, should maintain lavish lifestyles while citizens are urged to tighten their belts in the name of economic reforms.
The controversy comes amid reports that Nigerians will begin paying a 7.5 per cent VAT on selected banking services from January 19, 2026. The tax will apply to services such as mobile bank transfers, USSD transactions and card issuance fees, following a new government-backed regulatory directive.
A notice issued by financial technology company Moniepoint informed customers of the impending implementation, stating that financial institutions are now required to collect and remit VAT on certain electronic banking charges to the Nigerian Revenue Service.
“We would like to inform you of an upcoming government-endorsed regulatory change regarding Value Added Tax (VAT),” the notice read. “From Monday, 19 January 2026, we are required to collect a 7.5% VAT, to be remitted to the Nigerian Revenue Service (NRS).”
As the new VAT measures take effect, the display of luxury by top public officials continues to fuel debate over leadership, accountability and sensitivity to the economic realities faced by ordinary Nigerians.
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